…overcoming common sense as if it were an RBC model. The same goes for the anchoring model. s = sbar + (i*-i)/k s is the exchange rate, sbar a steady…

…done that — sortof) Interior Richard Waldmann (he’s my brother) Energy Michael O’Hare (really the whole RBC community) Commerce Merge with Treasury Veterans Max Cleland Transportation Duncan Black Education Claudia…

…80s well. The end of the US inflation included a huge recession. This fits the Keynesians story and not at all the Lucas supply function or RBC stories. In contrast,…

…prodigy Frank Ramsey in 1928 {Ramsey, 1928 #5029}. This is the same foundation as the mainstream RBC (“Real Business Cycle”) and DSGE (“Dynamic Stochastic General Equilibrium”) macroeconomic models that completely…

…deputy head of European research at RBC Capital Markets, said he expected BP to increase its spending on oil and gas production, known as upstream. “BP highlighted they were focusing…

A poem by Philip Appleman via Bill Moyers. I think that about covers it. But if it was not for you, try this one: The Ant…

…useful insight in macroeconomic theory which isn’t clearly stated in “The General Theory of Employment Interest and Money” ? By “useful” I mean that it has been used to predict…

…accompanied by other moves, wildly expansionary. I’m presuming he says “slightly expansionary” based on the theory Mark Thoma gives us in a November 17 post that Cameron was nice enough…

…“hope masquerading as theory.” See Kingsley et al,Flat Tax Proposals are Perpetual Fount of False Promises: View, Bloomberg.com (Oct. 24, 2011) (“This hope masquerading as a theory has dominated conservative…

by Mike Kimel Japan: The Post-WW2 Rise, the 1980s Peak, and the Decline – A Simple Theory Cross-posted at the Presimetrics blog. A lot has been written about the disaster…